By Denise Chambers
Addresses the pinnacle one hundred and one consultancy & schooling discussion board questions, with guidance & luck components on figuring out & harnessing own monetary Budgeting ideas, instruments & different best-practice insights for private monetary good fortune.
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Additional info for Budgeting - Personal Spending and Money Management a Key to Weathering the Storm - and Much More - 101 World Class Expert Facts, Hints, Tips and Advice on Budgeting
1, dq q= qi whereas dir ~dq What is the value of dir/ dq at q*} It would seem to be 0, since the value is positive for values of q less than q* and negative for values greater than q*. The derivative is the slope of the curve in question; this slope is positive to the left of q* and negative to the right of q*. At the point q*, the slope off(q) is 0. First-Order Condition for a Maximum This result is quite general. For a function of one variable to attain its maximum value at some point, the derivative at that point (if it exists) must be 0.
Xn. A somewhat more formal definition of the partial derivative is ,. ,. 11) h—>o /r . , n where the notation is intended to indicate that x2, . . , xn are all held constant at the preassigned values x2, . . , ~xn so the effect of changing x, only can be studied. Partial derivatives with respect to the other variables (x2, . . , x,,) would be calculated in a similar way. Partial Derivatives and the Ceteris Paribus Assumption In Chapter 1 we described the way in which economists use the ceteris paribus assumption in their models to hold constant a variety of outside influences so the particular relationship being studied can be explored in a simplified setting.
McCloskey, Donald N. If You 're So Smart: The Narrative of Economic Expertise. Chicago: University of Chicago Press, 1990. Discussion of McCloskey's view that economic persuasion depends on "rhetoric" as much as on "science. "For an interchange on this topic see also the articles in The Journal of Economic Literature, June 1995. Nagel, Ernest. " American Economic Review (May 1963): 211-219. Thoughts on economic methods by a philosopher. Primary Sources on the History of Economics Edgeworth, F. Y.